Daily Analysis of GBP/USD for June 01, 2016
The pair continues to trade into a bearish tone on the H1 chart, looking to extend the decline below the support level of 1.4464, which remains a solid demand zone on a short-term basis. However, after that sharp decline, a rebound is expected to test the resistance level of 1.4540, where a breakout can happen to re-test the 1.4604 level in coming days.
H1 chart's resistance levels: 1.4540 / 1.4604
H1 chart's support levels: 1.4464 / 1.4408
Trading recommendations for today:
Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4540, take profit is at 1.4604 and stop loss is at 1.4476.